Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act

Marginal note:Definitions

• 246 (1) In this Part,

  average annual cost to the Province of borrowing money

  coût d’emprunt annuel moyen

  average annual cost to the Province of borrowing money means the average annual rate of interest, determined in the manner prescribed, that would be incurred by the Province on borrowed money if the money were borrowed during the period of twelve months immediately preceding the date of the determination of the threshold rate of return; (coût d’emprunt annuel moyen)

  deemed profit

  Version anglaise seulement

  deemed profit means the amount of profit, estimated in the manner prescribed, that Her Majesty in right of the Province would have received had a portion of a Crown share in a field been acquired pursuant to section 17 of the former Act; (Version anglaise seulement)

  fiscal incentive

  Version anglaise seulement

  fiscal incentive means a fiscal incentive or any other benefit, other than a fiscal incentive or other benefit generally prevailing in Canada, that is established by or pursuant to an Act of Parliament and is prescribed for the purposes of this Part; (Version anglaise seulement)

  former Act

  loi précédente

  former Act means the Canada-Nova Scotia Oil and Gas Agreement Act, chapter 29 of the Statutes of Canada, 1984, as it read immediately prior to the coming into force of subsection 266(1) of this Act; (loi précédente)

  offshore revenue threshold

  Version anglaise seulement

  offshore revenue threshold means an aggregate amount, calculated in the manner prescribed, of revenues to which Her Majesty in right of Canada is entitled that were derived from the production of petroleum in the offshore area, equal to two hundred million dollars; (Version anglaise seulement)

  project

  projet

  project means a work or activity resulting in the production of petroleum in the offshore area that is required to be authorized pursuant to paragraph 142(1)(b); (projet)

  threshold rate of return

  Version anglaise seulement

  threshold rate of return means an annual rate of return on invested capital equal to the lesser of

  • (a) twenty per cent, and

  • (b) the aggregate of seven per cent and the average annual cost to the Province of borrowing money. (Version anglaise seulement)

• Marginal note:Determination of per capita fiscal capacity

  (2) For the purposes of this Part, the per capita fiscal capacity of the Province and the national average per capita fiscal capacity in respect of any fiscal year shall be determined in accordance with section 226.